When it comes to crowdfunding, the development of a detailed and well-thought strategy plays a key role. Having a clear action plan helps the teams to organize better their efforts in the right direction. In times, however, things don’t always go as planned.
If you feel like your campaign isn’t going in the direction you anticipated it to go, maybe it is time to pivot. Of course, changing the course tremendously while the campaign is still on may not be possible. Yet, there are things that you can change along the way that may save your campaign and bring better results.
Here are three signs that show that it is time for a pivot:
You don’t receive enough feedback
Running a crowdfunding campaign is a great way to understand the market for your product and the needs and wants of your customers. If you are not receiving enough feedback from your target audience there might be a problem – or you are not reaching them effectively or your campaign is not engaging enough.
Determine the reasons why the feedback is that low and shift your strategy into improving it. The more information you collect during the campaign, the more information available you will have when you decide to grow your business and improve your product. Crowdfunding is a fascinating type of research. Don’t miss the opportunity to use it.
No visible results
Many entrepreneurs think that 30 days is a very long time to reach their goal. The popular understanding, however, is that in order to make your crowdfunding campaign successful you need to plan and prepare to raise 30% of your target in the first 24hours. So, if time is passing and you have concerns about the amount of money you are raising, it is time to re-think your strategy.
Crowdfunding isn’t just a waiting game after the launch of the campaign. If you are not raising money, think about the ways you can change that. Evaluate the metrics and the collected feedback. Re-think your content and marketing strategies.
Look for the weak links and for the things you may have initially overlooked. Even if you have missed raising a significant amount of money in the first 24 hours, while the campaign is on, you still have the power to turn the odds in your favor.
No WOW factor
Crowdfunding projects that make the world to go “wow, I need to hear more about that” are much more successful than the campaigns that quietly stay in the corner. If your campaign isn’t generating enough fuzz, you may want to look closer at your PR strategy. Reach out to editors and social media influencers. Send them materials, even your product for review.
If you haven’t thought about PR at the beginning of your campaign, maybe what can save your campaign is to pivot and get some coverage.